🌿 White House urges hemp revision, Trulieve makes historic NYSE debut, and WNBA formalizes new cannabis rules

Happy Friday Pre Rollers! Welcome to another edition of The Pre Roll, the cannabis newsletter that keeps you up-to-date on the industry happenings you need to know.

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Nip it in the bud. The White House is urging Congress to amend a recently enacted federal hemp law that is set to take effect in November and could significantly restrict, effectively recriminalize, or outright ban many hemp-derived CBD and cannabinoid products, including widely used full-spectrum CBD formulations.

In a letter, the administration expressed general support for advancing the agriculture appropriations bill and its broader funding priorities, but takes issue with how it would tighten federal hemp rules.

The move reflects the administration’s attempt to balance public access to hemp-derived wellness products with the effort in Congress to tighten THC limits and close loopholes that allowed intoxicating hemp products to proliferate under the 2018 Farm Bill framework.

The proposal comes as lawmakers continue debating how to regulate a rapidly expanding hemp market that has become economically significant but politically contentious, particularly around intoxicating derivatives and evolving state-federal conflicts.

The White House is keeping the door open to compromise, but the hemp industry’s future remains very much uncertain.

Trulieve it or not. Trulieve officially began trading on the New York Stock Exchange earlier this week under the ticker TRLV, becoming the first American cannabis operator to list on a major U.S. exchange. The milestone is widely viewed as a breakthrough for the regulated cannabis industry, which has long been excluded from major U.S. stock exchanges due to federal cannabis prohibition.

CEO Kim Rivers said the uplisting will help expand Trulieve's shareholder base, improve liquidity, and increase visibility for the medical cannabis sector. She also credited recent federal action reclassifying state-licensed medical cannabis products to Schedule III for creating a pathway to qualify for a major U.S. exchange listing.

To meet listing requirements, Trulieve completed a corporate restructuring that separated operations serving both medical and adult-use markets, leaving only medical cannabis businesses within its consolidated operations. The company now operates 206 medical cannabis dispensaries supported by approximately 3.5 million square feet of DEA-registered production capacity.

The listing has potential to be a catalyst for other U.S. cannabis operators seeking access to major exchanges, signaling a new phase of institutional acceptance for the sector.

Rules and regulations. The WNBA has formally removed cannabis from its list of banned substances under its newly ratified collective bargaining agreement, aligning the league’s policy more closely with other major sports organizations that have already relaxed restrictions on cannabis use.

The change eliminates routine cannabis testing, though players can still be subject to intervention if they are deemed to have a substance use issue or are under the influence during team or league activities.

Alongside the removal, the agreement also establishes a framework allowing players to invest in cannabis-related businesses and sets rules governing endorsements and promotions of hemp- and CBD-derived products. The shift reflects the broader normalization of cannabis in professional sports and the expanding legal status of hemp and cannabinoids in the United States.

Idaho: Legislators proposed an amendment to the state constitution that would give only the state legislature the authority to legalize cannabis and other narcotics, not voters through a ballot initiative.

Rhode Island: Lawmakers are advancing a bill to remove the state residency requirement for cannabis retail license applicants and restart the stalled licensing process amid legal challenges that have halted dispensary approvals.

Texas: A court ruled that the state’s hemp regulations ban can be enforced for now while a legal challenge continues, as appeals and injunctions keep the rules in effect amid ongoing litigation over whether they exceed state authority.

Virginia: The state is moving closer to establishing a regulated recreational cannabis market by incorporating cannabis policy language into the state budget, even as disagreements and prior vetoes have stalled standalone legalization efforts.

Vireo verifies new accounting firm

The multi-state cannabis operator appointed BDO as its new independent auditor, replacing Davidson & Company, following approval from its board.

Treez taps AI to transform cannabis operations

The cannabis retail platform unveiled Winston, an AI “teammate” that integrates across cannabis dispensary POS, compliance, and back-office systems to automate workflows while keeping operator-approved control.

Australia: New South Wales is set to overhaul driving laws so medicinal cannabis patients can avoid automatic penalties if lab tests show THC below a set threshold, instead using a registration, warning, and “three-strikes” system while maintaining roadside testing and road safety safeguards.

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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